Turning 73 this year? If you have retirement plan accounts, you’ll need to take Required Minimum Distributions (RMDs). RMD rules apply to all employer-sponsored retirement plans and Traditional IRAs.

Here’s how it works:

If you turn 73 in 2023, you will need to do one of the following:

  • Take a distribution by the end of 2023, then annually every year after that,


  • Take two distributions in 2024: the first must be before April 1, 2024, and the second before the end of 2024. Then take annual distributions each year after 2024.

If you do not take the RMD, or take less than the required amount, the amount not withdrawn is subject to a 25% penalty.

If you have Traditional IRAs or SEPs with CEFCU and need to withdraw your RMD this year, we are here to help. footnote 1 Reach out to CEFCU’s IRA department at 1.800.633.7077, ext. 33409, or ira@cefcu.com .

For complete details and calculation worksheets, visit irs.gov or contact your tax professional.

Exciting News! CEFCU On-Line® and Mobile Banking launched two new self-service tools for IRAs.

Modify or Redeem your IRA Certificate

When your IRA Certificate is within 60 days of maturity, you can take the following actions from the convenience of your device:

  • Change the Certificate term
  • Move a partial or full Certificate amount to the Daily IRA account

Make an IRA Contribution

Move funds from your primary account to make a current year contribution, or between January 1 and Tax Day, make a prior year contribution.

Check them out when you login to CEFCU On-Line. Click on your IRA or IRA Certificate Account Tile on the home screen, then navigate to Details & Settings.

1. CEFCU does not provide tax, legal, or accounting advice. You should consult your own tax, legal, or accounting advisors regarding your retirement plan withdrawals.